NZ Refining reported rise in profit

NZ Refining reported rise in profit

New Zealand Refining Co., operating the only refinery in New Zealand at Marsden Point, near Whangarei, which had forecasted a profit for the year ending on December 31, between $115-125m in the month of October, had a profit higher by 11 percent of $124.9 million, on account of high refining margins and a favourable exchange rate. Its Revenue increased 18 percent to $397.8m.

The refinery processed 39.2 million barrels, which was higher than 36.9 million last year earlier, and pumped 2.8 million cubic metres of petrol, diesel and jet fuel to Auckland, equaling the 2007's performance.

Chairman, David Jackson, said, "The strong financial performance was underpinned by excellent plant reliability throughout the year, refining margins and a favourable New Zealand dollar exchange rate."

During the year the refinery worked two million hours without any incident of loss of time. The company is likely to complete its $180m upgradation, increasing its capacity by 20 percent, by the year end.

The share holders in the company include, 73 percent BP, Mobil Oil NZ, Caltex NZ, and Shell NZ, and has about 3000 other investors.

Its shares last traded, were up 0.7 percent at NZ$7.30. Till now, the stock has gained 23 percent.

Final dividend of 30c per share, payable on March 19, was declared by the Directors. However Shell shall be reviewing its 17-percent stake as part of a review of its New Zealand assets.